Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2017. He lives...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2017. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2019, he had the following receipts: Salary $ 80,000 Interest income- Money market account at Omni Bank $ 300 Savings account at Boone State Bank 1,100 City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2018 tax overpayment) 700 life with a maturity value of $200,000. The lot in St. Louis was purchased c 2019, Logan also was the designated beneficiary of an insurance policy on Daniel's Logan inherited securities worth $60,000 from his uncle, Daniel, who died in that the property sold originally cost at least twice the $9,000 he received and has (e.g., camper, boat, furniture, and fishing and hunting equipment). Logan estimates $80,000. The estate sale consisted largely of items belonging to Sara and Daniel 2014, for $85,000 and held as an investment. Because the neighborhood has dete- A May 2, on January 5, 2019, for riorated, Logan decided to cut his losses and sold the lot on declined or stayed the same in value since Sara and Daniel died, Logan's expenditures for 2019 include the following: $11,500 Medical expenses (including $10,500 for dental) $4,200 Taxes- State of Missouri income tax (includes withholdings during 2019) 4,500 8,700 Property taxes on personal residence Interest on home mortgage (Boone State Bank) Contribution to church (paid pledges for 2019 and 2020) 5,600 4,800 policy, he is subject to a deductible, and dental care is not included. The $10,500 While Logan and his dependents are covered by his employer's health insurance dental charge was for Helen's implants. Helen is Logan's widowed mother, who with him (see below). Logan normally pledges $2,400 ($200 per month) each o to his church. On December 5, 2019, upon the advice of his pastor, he prepaid hie pledge for 2020. Logan's household, all of whom he supports, includes the following: Social Security Number Birth Date 123-45-6787 08/30/1971 Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) 123-45-6780 01/13/1949 123-45-6783 07/18/1996 123-45-6784 02/16/1997 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Write a letter to Logan explaining in general terms the changes that will occur Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2019. Fed- eral income tax of $4,500 was withheld from his wages. If Logan has any overpayment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not own and did not use any virtual currency during the year, and he does not want to contribute to the Presidential Election Campaign Fund. Suggested software: ProConnect Tax Online. Part 2-Follou-Up Advice In early 2020, the following take place: • Helen decides that she wants to live with one of her daughters and moves to Arizona. • Asher graduates from dental school and joins an existing practice in St. Louis. • Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 202 Therefore, he requests your advice. for tax purposes. Assume that Logan's salary and other factors not mentioned (C property and state income taxes) will remain the same. Go to Settings Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2017. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2019, he had the following receipts: Salary $ 80,000 Interest income- Money market account at Omni Bank $ 300 Savings account at Boone State Bank 1,100 City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2018 tax overpayment) 700 life with a maturity value of $200,000. The lot in St. Louis was purchased c 2019, Logan also was the designated beneficiary of an insurance policy on Daniel's Logan inherited securities worth $60,000 from his uncle, Daniel, who died in that the property sold originally cost at least twice the $9,000 he received and has (e.g., camper, boat, furniture, and fishing and hunting equipment). Logan estimates $80,000. The estate sale consisted largely of items belonging to Sara and Daniel 2014, for $85,000 and held as an investment. Because the neighborhood has dete- A May 2, on January 5, 2019, for riorated, Logan decided to cut his losses and sold the lot on declined or stayed the same in value since Sara and Daniel died, Logan's expenditures for 2019 include the following: $11,500 Medical expenses (including $10,500 for dental) $4,200 Taxes- State of Missouri income tax (includes withholdings during 2019) 4,500 8,700 Property taxes on personal residence Interest on home mortgage (Boone State Bank) Contribution to church (paid pledges for 2019 and 2020) 5,600 4,800 policy, he is subject to a deductible, and dental care is not included. The $10,500 While Logan and his dependents are covered by his employer's health insurance dental charge was for Helen's implants. Helen is Logan's widowed mother, who with him (see below). Logan normally pledges $2,400 ($200 per month) each o to his church. On December 5, 2019, upon the advice of his pastor, he prepaid hie pledge for 2020. Logan's household, all of whom he supports, includes the following: Social Security Number Birth Date 123-45-6787 08/30/1971 Logan Taylor (age 48) Helen Taylor (age 70) Asher Taylor (age 23) Mia Taylor (age 22) 123-45-6780 01/13/1949 123-45-6783 07/18/1996 123-45-6784 02/16/1997 Helen receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4,500 as a part-time dental assistant. Mia, a daughter, does not work and is engaged to be married. Write a letter to Logan explaining in general terms the changes that will occur Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's income tax for 2019. Fed- eral income tax of $4,500 was withheld from his wages. If Logan has any overpayment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and Medicare taxes were withheld. Logan does not own and did not use any virtual currency during the year, and he does not want to contribute to the Presidential Election Campaign Fund. Suggested software: ProConnect Tax Online. Part 2-Follou-Up Advice In early 2020, the following take place: • Helen decides that she wants to live with one of her daughters and moves to Arizona. • Asher graduates from dental school and joins an existing practice in St. Louis. • Mia marries, and she and her husband move in with his parents. Using the insurance proceeds he received on Daniel's death, Logan pays off the mortgage on his personal residence. Logan believes that these events may have an effect on his tax position for 202 Therefore, he requests your advice. for tax purposes. Assume that Logan's salary and other factors not mentioned (C property and state income taxes) will remain the same. Go to Settings
Expert Answer:
Answer rating: 100% (QA)
Part 1 After careful data segregation and inputs in the simulation engine of Proconnect tax online we get below forms Overview The calculation of taxable income begins with gross income Gross income i... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2013. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. For 2015, he reported the...
-
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2011. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2013, he had the...
-
Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2014. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2016, he had the...
-
(1.71, 2.05) Use the confidence interval to find the margin of error and the sample mean.
-
Test the claim that the standard deviation of the number of aircraft stolen each year in the United States is less than 15 if a sample of 12 years had a standard deviation of 13.6. Use = 0.05.
-
Use the formulas 1/f = 1/so + 1/st and M = hi/ho = si /so for Problems 18. 1. Given so = 1.65cm and si = 6.00cm find f. 2. Given f = 15.0cm and si = 3.00cm find so. 3. Given si = 1.45cm and f = 10....
-
A rock climber accidentally drops a \(4.5-\mathrm{kg}\) backpack, and it falls \(160 \mathrm{~m}\) to the ground below. What is the change in the gravitational potential energy of the system...
-
The Burger Doodle restaurant chain uses a distribution center to prepare the food ingredients it provides its individual restaurants. The company is attempting to determine the location for a new...
-
1. 120g of an organic compound that contains only carbon and hydrogen gives 330g of CO2 and 270g of water on complete combustion. The percentage of carbon and hydrogen, respectively are (a) 25 and 75...
-
1. How is performance management at DMG world media different from traditional performance management systems at other companies? 2. What was the impetus for developing a different performance...
-
Leigh Meadows and Byron Leef formed a partnership in which the partnership agreement provided for salary allowances of 54,000 and 48,000, respectively. Determine the division of a $27,000 net loss...
-
1. a. You were hired as a consultant to Giambono Company, whose target capital structure is 40% debt, 15% preferred, and 45% common equity. The after-tax cost of debt is 6.00%, the cost of preferred...
-
How have economic and social changes affected work-life balance? Discuss how the pandemic has influenced a shift in work-life balance.
-
A loan is being repaid with installments of $2000 at the end of each quarter for 10 years at 4.3% convertible quarterly. Find the amount of principal in the 10th instalment. ANSWER = $
-
What is the output of the following program? #include using namespace std; int main() { int n = 1; while (n
-
Define and discuss work-life balance. Develop a profile of the type of person most likely to experience extensive work-family conflict. Identify work pressures, family pressures, and personal...
-
priblood vigas The table shows the ingredients needed to make one batch of fudge. A cook has 5 cups of evaporated milk. She made the greatest number of whole batches possible. How much evaporated...
-
Q:1 Take any product or service offered in Pakistan and apply all determinents of customer Perceived value ?
-
Explain how the control variate technique is implemented.
-
Suppose that in September 2013 a company takes a long position in a contract on May 2014 crude oil futures. It closes out its position in March 2014. The futures price (per barrel) is \($88.30\) when...
-
A U.S. Treasury bond pays a 7% coupon on January 7 and July 7. How much interest accrues per \($100\) of principal to the bond holder between July 7, 2013, and August 9, 2013? How would your answer...
Study smarter with the SolutionInn App